Have you known a blockchain platform that supports ecommerce application? This is about it. Elementh is a specifically designed blockchain integration for e-commerce. It represents a comprehensive register of ownership of different goods with the capability to comprise smart contracts as well as to take advantage of nomenclature standard in order to generate centralized and decentralized e-commerce applications.Elementh’s goal is to create an alternative protocol for the development of decentralized applications used by e-commerce, providing a standard quality nomenclature, guaranteeing ownership of a particular product and the ability to create specialized smart contracts for e-commerce. Elementh will achieve this by creating a blockchain with a built-in Turing-complete programming language, allowing everyone to write smart contracts and decentralized applications, enabling the use of unified product cards, e-commerce transactions and the transfer of ownership. Along with the system of tokens, Elementh has a system of goods, which can also be used in a large number of applications, such as tracking the movement of a particular item from its creation to the current owner, tracking original goods and detecting the counterfeit goods. Unlike the system of tokens, the system of goods also provides for the ability to “issue” a particular product at a particular address, indicating all possible item’s data (such as name, manufacturer, bar code, etc.). And if identical goods are already present in the blockchain, the issuer will receive a message about it, and he will have the opportunity to indicate how many items of goods he wants to “issue”. If an item has a serial number, it is possible to specify it when the transfer operation is being performed. To provide protection against data forging, only the hash of the serial number is fixed in the system, therefore only the person who knows the initial number has the ability to make a valid transaction. In the absence of a serial number at the moment of “issuing” goods, the system generates it randomly and the holder is able to use it to identify a particular item of goods by printing out the QR code on the package, writing it in an RFID tag or in any other convenient way.

Transactions and messages

Any action in the Elementhblockchain is called transaction. The most simple transactions is a transfer of EEE value between accounts and a define ownership for goods. Transaction can include structured message for receiver. Accounts may define scripts to handle messages when they are received. The combination of messages and automated scripts is a smart contract subsystem in Elementh. Transactions in the chain of blocks must be safe, unambiguous and irreversible, and be carried out as quickly as possible to facilitate the reliability and decentralization of the system. In practice, the difficulties arise in two different aspects of this process: selecting a unique node for the production of the block and making the record irreversible.

DPOS Protocol

According to the concept of decentralized autonomous DAC companies, decentralization means that each shareholder has an influence proportional to the number of his shares and that the decision taken by voting of 51% of shareholders is irreversible and mandatory. The challenge is how to achieve 51% of the approving threshold in a timely and efficient manner. To achieve this goal, each shareholder can delegate his right to vote to a delegate. 100 delegate with the largest number of votes delegated generate blocks according to a certain schedule. Each delegate is allocated a time frame for the production of the block. If he does not produce a block, then their turn is skipped, and the next delegate produces a block according to the list. All delegates receive a payment equal to 10% of the average size of the transaction commission. If the middle block contains a fee of 100 shares, the delegate will receive 1 share as payment. It is possible that a delay in the network can lead to the fact that some delegates will not be able to generate their block in a timely manner, and this will lead to a split of the chain of blocks. However, in practice this is unlikely to happen, because a delegate can establish direct connections with other delegates preceding and following him in the chain. With this model, new blocks can be generated every 10-30 seconds and under normal network conditions, the splits of the chain of blocks are unlikely or can be corrected within a few minutes.

The Reward

The blockchain that will use the Elementh software will be awarded with new tokens of the block manufacturer every time the unit is created. The Elementh software can be configured in such a way as to ensure that payment of the block manufacturers is restricted so that the total annual increase in the number of tokens does not exceed 5%.

The System of Tokens

The system of tokens can be used in a huge number of applications from binding to assets such as USD or gold to company shares. The system of tokens is easy to implement in the Elementhblockchain. In order to better understand what a token system is, you can imagine a database with only one operation: take X units from A and transfer them to B, under the following conditions, 1) A has at least X units before the transaction is made and 2) the transaction is confirmed by A. What is necessary to implement this system is the implementation of a smart contract with the above logic.

When the location is crypto money, it is not possible to come across digital money in different projects in different sectors every passing day. For this reason, I would like to give you information about ELEMENTH, a platform that facilitates e-commerce for you today. We recommend that you visit the https://elementh.io/ page for detailed information before sharing general information with you .

Moreover-Elemeneth(EEE)

In order to give the shortest and most descriptive definition, it is the platform that aims to solve the problems that may be experienced in e-commerce based on block chain technology. Elementh is the name of a blockchain company that provides intelligent solutions for the e-commerce system. In 2016, global e-commerce sales in the market amounted to $ 19.15 billion. These sales are aimed at $ 4,058 trillion. The goal of the Elementh platform is to create intelligent solutions for ecommerce, guaranteeing the ownership of a particular product (goods) by developing decentralized applications used by ecommerce using block chain technology. Elementh is a system that facilitates a wider range of solutions, starting with the design and development phase of any product, tracking the movements to the current owner at the same time, tracking the original (patented) products, and detecting duplicate (fake) merchandise. Elementh system; Using the intelligent contracts to hold a Blockchain record for the ownership of the goods at the same time, the goods system provides the possibility to broadcast a specific product which has a certain product showing the data (name, manufacturer, date, product information, barcode etc.) of any product. If the block has the same products in the chain, the issuer receives messages via this system so that he can show how many products he wants to publish. if a serial number of a product exists, it can be specified in the transfer process. In order to protect against any data security, only the serial number in the system is fixed, but who knows only the first number against possible risks has the right to take action. When there is no serial number during publication of the products, the system facilitates the identification of the products by producing a random serial number and the manufacturer the pressing the QR code on the package. If there is another copy in the system and there is another copy of the same serial number, the buyer is informed that the origin of the goods is not known. The founder of a new trading house, explains the possibilities offered by the Elementh block chain as follows. Ali has not sold anything on the internet before and has not dared to do it because it is complicated. After learning about the new opportunities offered by Elementh, she decided to sell her products using special applications to sellers over the internet. First, it started by opening a store (e-commerce) site. Building a store has become quite simple and easy thanks to ELEMENTH. Ali, who connects the necessary accounting program to the platform, succeeded in recognizing the stock equity and connected the product properties and product information cards to the Elementh system completely and exactly. He stated that the information about Ali’s goods was immediately transferred to the information of all the members of the Elementh platform. Having seen Alinin products on the internet, Parent ordered immediately after reviewing the product he needed. The Elementh Platform has sent a message that he wants to buy Ali and Velinin products. The fee that the customer will pay for the product is based on a smart contract. Ali products that prepare the product to be delivered to the Parent are transferred to the account of Ali who has received the product and the cost of the product. The system is that simple and easy.

Decentralized Goods Data Storage

To store goods data, such as specifications, photos, EAN codes, serial numbers, and others, Elementh uses the IPFS protocol. IPFS (the InterPlanetary File System) is a content-addressable, peer-to-peer, hypermedia communication protocol. IPFS allows you to create full distributed applications. It is aimed at making the World Wide Web faster, safer, and more open. IPFS is a peer-to-peer distributed file system that connects all computing devices to a single file system. In a sense IPFS is similar to the World Wide Web. IPFS can be represented as a single bittorrent-swarm, which exchanges files of a single Git-repository [10]. IPFS is becoming a new important subsystem of the World Wide Web. Constructed correctly, it is able to complement or completely replace HTTP. It can also supplement or replace other systems.What is more, Elementh has managed to take advantage of the most accomplished technological achievements for over the last few years in the blockchain field. As such, it aims to conveniently solve all the issues which are plotting the e-commerce field.

The Project

The goal of the project is to create an alternative protocol for the overall development of applications which are decentralized and are used by the e-commerce ecosystem. This is going to provide a standard quality nomenclature and it is going to guarantee the ownership of different products as well as the ability to generate a special smart contract for the industry. In order to achieve this, Elementh is going to take advantage of a blockchain which will have a built-in Turing-complete language for programming. This is going to allow everyone to start writing different smart contracts as well as decentralized apps. Along with the system of tokens, the project also has a system of goods. It is also capable of being used in a range of different applications. For instance, you can track the movement of an item from its very creation to its current owner. You can also track original goods and you can detect ones which are counterfeit. The system of goods is also going to allow you to issue a product at specific address and to indicate all of the information which is related to this product. If an item is given a serial number, it is going to be possible to specify it when you are performing the transfer operation. In order to protect the users from data forging, there is going to be only the hash of the serial number and it will be fixed in the system. Elementh is a blockchain for e-commerce, which is a register of ownership of goods with the ability to write specialized smart contracts and use of the nomenclature standard to quickly create various decentralized and centralized applications for e-commerce. Elementh has absorbed the best achievements of recent years in the field of blockchain, aiming at solving the problems of the modern world of e-commerce. Elementh is a blockchain for e-commerce, which is a register of ownership of goods with the ability to write specialized smart contracts and use of the nomenclature standard to quickly create various decentralized and centralized applications for e-commerce. Elementh’s goal is to create an alternative protocol for the development of decentralized applications used by e-commerce, providing a standard quality nomenclature, guaranteeing ownership of a particular product and the ability to create specialized smart contracts for e-commerce. Elementh will achieve this by creating a blockchain with a built-in the Turing-complete programming language, allowing everyone to write smart contracts and decentralized applications, enabling the use of the unified product cards, e-commerce transactions and the transfer of ownership.

Now Its ICO Time

The first thing to consider is the official ICO has started on the 15th of January in 2018 and it will be going until the 14th of February, 2018. The tokens are ticked as EEE and they are following the ERC20 token standard. The total amount of tokens for sale is 217,500,000. At the time of the ICO, you would be able to purchase a token of EEE for 0.0001 ETH. There are bonuses available as well. From the 15th of Jan until the 1st of Feb, the bonus is 50% for the whitelisted users. Then, the bonus gradually starts to the lower and it gets to 30% and to 15% respectively. The hard cap for the ICO is set to 1,500 ETH and you would be able to use ETH and BTC to make your transactions. If you have any other currency, you would have to exchange it the beforehand.

ADVERTISEMENT

CATEGORIES

WHY ICOMAPZ ?

Here at ICOMAPZ, we do offer a complete analysis and reviews specifically on trending Initial Coin Offerings. You should be able to learn more about crypto currencies as well as the corresponding trends in crypto arena.